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| Application of section 68 on the opening capital assets generated after payment of tax in earlier years | |
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| Excerpt of query: | The assessee has filed his return of income for A.Y.2018-19 showing total income from business both as proprietor and as partner in partnership firm like earlier year and shown the complete capital assets held in proprietorship firm and partnership alongwith immovable properties held in his name in ITR of the above assessment year. However, by mistake In ITR filed for A.Y.2017-18 by mistake the capital assets of proprietorship firm is only shown in particular of ITR instead of complete capital assets of all the firm while the income from all the sources truly and properly shown and assessed and nothing was concealed. National faceless assessment has assessed the difference in capital balance as on 31.3.2018 to capital balance as per iTR 31.3.2017 wrongly applied section 68 and taxed u/s 115BBE ignoring the replies and submission. It is to inform you that all the assets were generated after payment of taxes from the return of income in past earlier years and assessee is regular assessed to tax from last 30 years. Appeal filed with CIT. Huge amount of demand any other Remedy and case law in favour of assessee. |
| How to fill S. No 6. in Re-registration u/s 12AA and 80G of the Act ? | |
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| Excerpt of query: | The assessee is a branch office of a foreign company in India approved by RBI and ROC and already registered u/s 12AA and 80G of the Act. The assessee is applying for renewal of registration u/s 12AA and 80G of the Act. S. No. 6 of the Form 10A (form for renewal of registration) asks the taxpayer to confirm whether the trust deed contains clause that the trust is irrevocable. In case of assessee, it only have Memorandum of objectives and aims which does not contain any article on irrevocability Whether the assessee should select Yes or No in S no. 6 in Form 10A ? |
| Taxability of Capital Gain on Conversion | |
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| Excerpt of query: | A Private limited is intending to convert into LLP , with same economic interest of share holder and partner . Will there be any capital gain tax in the hands of shareholder upon surrender of shares and getting capital in LLP. |
| WHETHER DAIRY INCOME (MILK FROM COW) TAXABLE UNDER INCOME TAX? | |
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| Excerpt of query: | WHETHER DAIRY INCOME (MILK FROM COW) TAXABLE UNDER INCOME TAX ACT OR EXEMPT UNDER AGRICULTURE INCOME. THE ASSESSEE HAS 100 ACRE OF LAND AND UNDERTAKES AGRICULTURE ACIVITY (GROWING CROPS). THE ASSESSEE ALSO HAS COWS AND SELLS MILK. PLEASE ADVISE ON TAXABILITY OF MILK INCOME WITH SUPPORT OF ANY COURT JUDGEMENT IF ANY. |
| What is the situation of TDS deducted by the income tax department on section 28 of land acquisition act 1894 ? | |
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| Excerpt of query: | sir after mahenderpal’s narang case what is the situation of TDS deducted by the income tax department on section 28 of land acquisition act 1894 |
| Whether section 50C of IT Act is applicable to transfer of lease hold rights ? | |
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| Excerpt of query: | If a leasehold land on which building is constructed by self is sold/ transferred for a consideration, will the transaction attract sec 50C.Does the Stamp duty value applies to only freehold land or leasehold land also. |
| Taxability of Interest on VPF. | |
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| Excerpt of query: | Sir, Kindly clarify on the following issue in connection with investment under VPF for Private sectors. If the investment under VPF is above 3 Lacs during the FY2021-22, what will be tax effect and how much can be claimed as exemption If the VPF accumulation upto 31.03.2021 is Rs. 10 Lacs. What is the taxability? Interest credited to the account will be on accumulated VPF amount, How to claim exemption and arrive the taxable interest? Whether interest taxable above Rs 2.5 Lacs is on Contribution made during the year or on the accumulation in the account? < |
| Search and seizure action has taken place on 30 -9 -2015 last date for issuing notice was 30 -9 .2015 for the assessment year 2014 -15 whether the assessment is abated , when no incriminating documents were found for the relevant assessment year ? | |
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| Excerpt of query: | Dear Sir, My query is as follows: If a search on a person took place on 30.09.2015 Return for assessment year 2014-15 filed on 30.03.2015 Last date for issuing notice under section 143(2) is 30.09.2015 Whether we can say, proceeding for A.Y. 2014-15 is unabated proceedings or not Whether the plea that addition can be made only on the basis of search document can be taken for A.Y. 2014-15 |
| Whether ERA applies to business of open plotting of land. ? | |
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| Excerpt of query: | Sir, Please let me know whether the RERA applies to business of open plotting of land and business of construction of individual houses even if the size of each plot sold is below 500 sq. meters. If the applicable to any of them, is there any provision for lesser penalty if applied voluntarily for registration of the project under RERA provisions, after commencement of sales of open plots/ villas ? If common rules of penalty applicable, what is the outgo please explain. |
| At what circumstances the assessee will get immunity from penalty u/s 270AA of the Act ? | |
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| Excerpt of query: | Good evening sir. The assessment is completed by making five additions to the total returned income. Penalty u/s 270A is levied for these five additions, one for misreporting of income and four for underreporting of the income. In this case, can the assessee opt for immunity from penalty u/s 270AA for that assessment year? Section 270AA(3) specifies that if the penalty is initiated on account of misreporting of income, then the assessing officer will not grant immunity from penalty. Please clarify. |